Maya is a senior in high school. She earns $8 an hour working approximately 25 hours a week at the local grocery store. An estimated 30 percent of her pay is deducted for taxes. Maya also earns approximately $15 each month in interest on savings.

Maya still owes money on her used car ($235 a month), but she doesnt pay rent because she lives with her parents. She is responsible for the following expenses every month: cell phone ($35$45), gas ($40$60), and auto insurance ($50). Maya likes to play video games and listen to music, so she frequently buys games and music. Maya typically buys her own clothes and electronic gadgets, but she also receives gifts from her family for special occasions.

One of Mayas short-term goals is to take a trip to visit her grandparents right after graduation. She expects this to cost $1,000, and she has already saved $500. A long-term goal is to attend college over the next four to five years at the local state school. She plans to pay part of the tuition with scholarship money and from her savings. So far she has set aside $7,000 for her college fund.

Directions:

Create a monthly spending plan for Maya using the information provided. Use this what you have learned to build the plan.

Step 1: List Mayas anticipated monthly income sources and amounts. Calculate the total income she expects to receive in a month.

Step 2: Add expense categories and insert predicted amounts for each category. Remember to include pay yourself first or savings amounts to build up Mayas trip fund and college fund. Calculate the predicted total amount needed to cover expenses and savings goals.

Step 3: Compare the total income to total expenses. Make adjustments to the expense amounts to ensure that Maya can cover the expenses with the income she expects each month.

You can use word, excel or your other application to present your work.